Pro Investor Funding Program
“Exclusively For Investors With 4+ Completed Flips Last 24 Months!”
90% Purchase Price & 100% Of Rehab Cost!
Close In 5 – 7 Business Days – With No Appraisal!
No Income & No Employment Verification!
Up To $5,000,000.00 Credit Facility!
“Exclusively For Investors With 4+ Completed Flips Last 24 Months!”
Completed flips are defined as residential investment properties “exited OR sold in the last 24 months” and owned for no more than 36 months OR a property acquired, rehabbed, and converted to permanent financing within last 24 months and acquired no more than 36 months prior to conversion.
Pro Investor Funding Program Highlights
– Close In 5-7 Business Days!
– No 3rd Party Property Appraisal Required Prior To Closing! A Desktop Quantitative Appraisal (DQA) is required to be completed but NOT for funding approval or in order to close!
– $5,000,000.00 Credit Facility Available!
– 90% Financing Of Purchase Price With 620+ Credit Score! See funding guidelines below for details!
– 100% Financing Of Rehab Cost Not To Exceed Maximum Allowed % of ARV!
– Up To 75% Of ARV Max Loan Amount!
– Minimum 620+ Credit Score To Qualify!
– Credit Report and Credit Score are valid for 6 months after pulled by underwriting!
– No source or seasoning of funds to close!
– Loan Amounts From $75,000.00 – $1,000,000.00 Per Property!
– No Employment Verification Required!
– No Income Verification and No Income Documentation Required!
– No Prepay Penalty, 12 Month Term, Monthly Interest Only Payments!
PRO INVESTOR FUNDING PROGRAM
“Exclusive For Fix & Flip Investors With 4+ Flips Completed Last 24 Months!”
1. States Currently Funding Pro Investor Program
Colorado, Connecticut, Florida*, Georgia, Kentucky, Maryland, Massachusetts, Michigan, Missouri, New Jersey, Ohio*, Pennsylvania, South Carolina, Tennessee, Texas, Virginia*, Washington, West Virginia.
*You must close in the name of a business entity in the following states: Florida, Ohio and Virginia.
2. TIER 1 & 2: PRO INVESTOR FUNDING GUIDELINES
FIRST STEP – Determine your Tier based on number of prior completed flips within last 24 months.
IMPORTANT: Completed flips are defined as residential investment properties “exited/sold in the last 24 months” and owned for no more than 36 months OR a property acquired, rehabbed, and converted to permanent financing within last 24 months and acquired no more than 36 months prior to conversion.
Tier 1: Exited/sold 10+ flips during last 24 months – Minimum 620+ Credit Score
Tier 2: Exited/sold 4+ flips during last 24 months – Minimum 620+ Credit Score
3. Maximum Loan To Purchase Price (referred to as Loan To Cost) and Maximum ARV
Tier 1: up to 90% of purchase price and up to 125% of rehab cost – (Max 75% of ARV)
Tier 2: up to 90% of purchase price and up to 100% of rehab cost – (Max 75% of ARV)
4. Credit Score Requirements
Tier 1: 620+ Credit Score (Credit scores are valid for 12 months)
Tier 2: 620+ Credit Score (Credit scores are valid for 9 months)
5. Close In 5-7 Business Days
We can close in only 5-7 business days after receipt of all required documents. MUST INCLUDE EXTERIOR AND INTERIOR PHOTOS WITH DOCS.
Days to close is from the date of receipt of all required documents needed for funding approval.**
6. Minimum Liquid Cash Requirements
All tier levels require documentation of minimum amount of liquid cash (per schedule below) by providing copy of last three (3) months bank statements. There is NO SEASONING and NO SOURCING of cash funds on deposit in bank accounts.
Tier 1: $25,000.00 (once underwriting verified, valid for 12 consecutive months)
Tier 2: $15,000.00 (once underwriting verified, valid for 9 consecutive months)
7. Number of Loans Funded Per Investor
Tier 1: $5,000,000.00 Credit Facility Available
Tier 2: $5,000,000.00 Credit Facility Available
8. Required Documentation For Funding Approval – See Bottom Of Page For List Of Required Documents
8.1 Transactions/Properties Ineligible For Funding
– Non-arms length transactions
– Commercially zoned real estate
– Multifamily (5+) real estate, Mixed Use Properties, Manufactured, Dome, Log Homes or Houseboats, Timeshares
– Rural Properties and Raw Land
– Properties less than 700 sq ft of living/heated area
9. Rehab Cost/Budget Guidelines (Up To 125% Of Rehab Cost)
– Tier 1 Total rehab budget cannot exceed 125% of the total purchase price. The maximum rehab budget loan amount cannot exceed 125% of the purchase price of the subject property. The combined purchase loan and rehab loan amount cannot exceed 75% of the After Repair Value (ARV). Maximum rehab budget amount is $500,000.00.
– Tier 2 Total rehab budget cannot exceed 100% of the total purchase price. The maximum rehab budget loan amount cannot exceed 100% of the purchase price of the subject property. The combined purchase loan and rehab loan amount cannot exceed 75% of the After Repair Value (ARV). Maximum rehab budget amount is $500,000.00.
Note: We do not advance rehab loan funds. Rehab funds are disbursed (at your discretion) as work is documented as completed with your project.
10. Refinance Transactions (Cash Out Available)
With a minimum 620+ credit score, we can fund up to a maximum of 65% of the current AS-IS Value if the current owner has been on title of subject property for a minimum of 181 days. All refinance transactions require a full property appraisal.
11. Guidelines For Refinance Transactions:
– Requires 600+ credit score to qualify for funding approval!
– Up to 65% current appraised value!
– Current owner MUST be on title for a minimum of 181 days before application date.
– Loan amounts from $75,000.00 to $1,000,000.00!
– No income verification and no employment verification required!
– Minimum documented liquid cash requirements are required per designated tier level as mentioned above!
– Vacant properties OK!
– Single family, 2-4 units, condo’s and town-homes OK!
– No market rent analysis required and no copies of lease agreement required!
– Properties currently listed for sale OK!
– Must provide interior and exterior photo’s of subject property!
– If subject property owned for less than 6 months we can loan up to the stated purchase loan amount as listed per Tier levels above plus a rehab budget amount up to 70% of ARV.
12. Refinance Transactions (Less Than 6 Months On Title)
For refinance of an existing property whereby the owner has been on title for less than 6 months (180 days), we will provide financing exactly as our purchase transaction funding scenario’s listed above based on Tier level. This can also include additional funding for rehab as well. Please contact us to discuss your specific deal scenario.
13. Loan Origination Fees
2.75% of total loan amount OR $3,800.00 (whichever is greater)
New Jersey Transactions: Add .50% to loan origination fee
14. Closing Fees
TIER 1: Application Fee: $0.00, Underwriting Service Fee: $499.00, Processing Fee: $495.00.
TIER 2: Application Fee: $350.00 (Credited at closing towards Underwriting Service Fee), Underwriting Service Fee: $749.00, Processing Fee: $495.00.
15. Property Appraisal – “Desktop Quantitative Appraisal (DQA)”
A PROPERTY APPRAISAL IS NOT REQUIRED IN ORDER TO CLOSE! Final After Repair Value (ARV) will be determined by in-house licensed appraisers. However, a Desktop Quantitative Appraisal (DQA) will promptly be ordered to document condition and photograph subject property for of internal records as part of underwriting guideline requirements. For Tier 1 & 2 investors, if no access to property is available prior to closing we can bypass having to complete the official DQA appraisal until immediately after closing. THE DQA IS NOT REQUIRED FOR FUNDING APPROVAL OR TO CLOSE FOR TIER 1 AND 2 INVESTORS.
Terms of Loan Funding
16. Property Type
Single family and 2-4 residential units (including condos, town-homes & PUDS)
17. Transaction Type
Purchase and rehab, purchase only, refinance cash out, or rate and term refinance.
18. Interest Rates
Interest rates range on average from 8% to 12% depending on final LTC on the loan being funded.
19. Subordinate Financing
Subordinate financing IS ALLOWED only if recorded at least 1 day after recordation of our security instrument.
20. Seller Concessions / Seller Paid Closing Cost
Seller may contribute up to 2% of the agreed purchase price towards buyer closing cost expenses including lender loan origination fees.
21. Loan Amounts
Tier 1: Minimum loan amount of $50,000.00 up to $1,000,000.00.
Tier 2: Minimum loan amount of $75,000.00 up to $1,000,000.00.
22. Required Documents For Funding Approval
Tier 1 and 2 Investors Must Close In Name Of A Business Entity
__ Last 3 month’s business bank statements (must include all pages)
__ Copy of void check associated with bank statements provided
__ Articles Of Organization for LLC Or Articles Of Incorporation for a Corporation
__ Operating Agreement or Corporate Charter/Bylaws
__ Clear and legible copy of Guarantors Drivers License
__ Clear and legible copy of Guarantors SSN Card
__ Copy Of HUD-1 Settlement Statement from completed flips within last 24 months (if applicable)
__ Photo images of interior and exterior of subject property
Note: Terms are subject to change. Final terms vary depending on the property and borrowing entity